Action Sports Hub Inc.: Extreme Or Not, You Decide Trading Markets (press release)

13.08.10

August 12, 2010: Heelys, Inc. (Nasdaq: HLYS) reported the following financial results for the second quarter ended June 30, 2010. Year-over-Year Quarterly Comparisons Net sales for the second quarter of 2010 were $8.8 million compared to net sales of $12.4 million in the corresponding period a year ago. Gross profit was $3.7 million, or 42.2%, compared to gross profit of $4.1 million, or 32.9%, for the second quarter of 2009. Selling, general and administrative expenses, excluding litigation settlements and related costs, were $3.8 million compared to $4.5 million in the second quarter of last year. Litigation settlements and related costs were $3.1 million for the second quarter of 2009. Litigation settlements and related costs incurred during the second quarter of 2009 were related to the class action lawsuit (filed in August 2007), the shareholders' derivative lawsuit (filed in October 2007) and the individual lawsuit (filed in May 2008). These lawsuits, which were related to the Company's initial public offering, were settled during the third and fourth quarters of 2009. In April 2010, the Company settled a potential patent and trademark lawsuit, in the Company's favor, in the amount of $750,000. This settlement amount is reported as other income in the Company's statement of operations. The Company reported net income of $473,000, or $0.02 per fully diluted share, versus a net loss of $1.6 million, or ($0.06) per fully diluted share in the second quarter of 2009. Sequential Quarterly Comparisons Net sales for the second quarter of 2010 were $8.8 million compared to net sales of $6.7 million in the first quarter of 2010. Gross profit was $3.7 million, or 42.2%, compared to $3.2 million, or 47.9%, for the first quarter of this year. Selling, general and administrative expenses were $3.8 million compared to $4.2 million in the first quarter of 2010. In April 2010, the Company settled a potential patent and trademark lawsuit, in the Company's favor, in the amount of $750,000. This settlement amount is reported as other income in the Company's statement of operations. The Company reported net income of $473,000, or $0.02 per fully diluted share in the second quarter of 2010 versus a net loss of $1.2 million, or ($0.04) per fully diluted share in the first quarter of this year.

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